Cognizant forecasts weak quarterly revenue amid cautious client spending

Cognizant Technology forecast quarterly revenue below Wall Street estimates on Wednesday, as clients remained cautious on discretionary IT spending.

Shares of the company were down 3% ‌in ⁠premarket ⁠trading.

* Cognizant expects third-quarter revenue between $5.60 billion ​and $5.68 billion, below analysts’ average estimate of $5.70 ​billion, according to data compiled by LSEG.

* The company is ​navigating a complex ⁠macro environment, with ‌clients cautious on large ​investments ​and continued softness in smaller ⁠discretionary projects.